Mainebiz

V O L . X X V I I N O. I I JA N UA R Y 2 5 , 2 0 2 1 6 Federal program will promote Maine fishing industry A Maine-based fishery association has recently played a key role in creating a federal program to promote train- ing for the next generation of com- mercial fishermen. Congress passed the Young Fishermen's Development Act in December. e bill directs the National Sea Grant Office in the National Oceanic and Atmospheric Administration to establish a Young Fishermen's Development Grant Program, which will make matching grants to support local and regional training, education, outreach and tech- nical assistance. N O T E W O R T H Y S T A T E W I D E Farm Credit East, an Enfield, Conn.- based financial cooperative, donated $15,000 to eight charitable organiza- tions in Maine. The U.S. Small Business Administration launched Ascent, a free digital e-learning platform created to help women entrepre- neurs grow and expand their businesses. Boat show hopes to return in July Portland Yacht Service will take advan- tage of its waterfront acreage to plan a socially distanced, in-person boat show July 23-25. e Maine Boatbuilders Show, which typically draws around 10,000 people, was cancelled in 2020, but the boat show's promoters said they plan to host a modified version of the show, on boat yard's 17 acres, at 100 West Commercial St. N O T E W O R T H Y S O U T H E R N RE/MAX Shoreline in Portland report- ed that its 2020 philanthropic program raised $168,000 for nonprofits. Habitat for Humanity of Greater Portland received a $12,000 grant from State B U S I N E S S M A I N E Business news from around the state S T A T E W I D E S O U T H E R N Long-awaited launch of bluShift Aerospace prototype rocket expected today — Mainers and NASA watch with interest Maine lenders ready to begin new round of PPP loans — A much- needed second wave of relief Thomaston composites firm makes clock hands for Boston custom house — Lyman-Morse produces more than boats State parks shattered attendance records in 2020 despite closures, limits — In pandemic times, the outdoors called Planned CMP electricity corridor receives final major permit, but construction is on hold — Another day, another hurdle FAME CEO Bruce Wagner to retire next month — As a guiding force for Maine businesses in need of financing, he will be missed Maine eateries face 'hard winter' despite customer support, survey shows — Support your local restaurant Portland's new rent control ordinance applies to short-term rentals — Further effects being felt from November's referendum C R E D I T S & D E B I T S FAME, busier than ever, now looking for a new leader B y P e t e r V a n A l l e n B ruce Wagner, longtime CEO of the Finance Authority of Maine, plans to retire on Feb. 5. Wagner, who has led the quasi-independent state agency since 2014, will be replaced for now by Acting CEO Carlos Mello, FAME's chief risk officer. "We will miss Bruce and his leadership and wish him an enjoyable and well-deserved retirement," said David Daigler, chair of FAME's board of directors and president of the Maine Community College System. Gov. Janet Mills praised Wagner's role in developing the state's 10-year strategic economic development plan. Wagner led FAME through two strategic planning exercises and was credited with bringing "a focused approach to taking on financial risk for public benefit." During the pandemic, FAME has offered customers loan deferrals and modified terms and interest rates. The agency is a key part of Maine's financing infrastructure, providing a guarantee on loans. According to the most recent Mainebiz Book of Lists, FAME's largest loan in 2019 went to Gallery Leather Manufacturing Inc. in Trenton. Of the $2.1 million loan, FAME's exposure was $999,000. In December, the FAME board approved up to $1.9 million in loan insurance and a $1 million direct loan to help support increased access to broadband in Belfast and South Portland. In essence, the agency insured 20% of the overall $9.5 million needed to construct a fiber network. FAME was also an investor in the Saddleback ski area, in November approv- ing issuance of a tax credit certificate related to $1.5 million in investments through the New Markets Capital Investment program. It had previously approved leveraged loan insurance of 17% (or $2.5 million) on a $14.1 million loan. Wagner's successor Wagner's interim successor, Mello, will begin the immediate transition to the new role. He is a senior member of the FAME management team and has been at the agency for eight years. Mello is a former president and CEO of Prudential Bank and Trust in Hartford, Conn. He's also a certified financial planner and he holds a bachelor's degree in accounting from Boston College. A search process will be led by FAME's board of directors. A successor will be named by Gov. Mills, subject to legislative confirmation. P H O T O S / C O U R T E S Y O F FA M E B I Z M O N E Y Bruce Wagner, retiring FAME CEO Carlos Mello, FAME's Acting CEO and chief risk officer S PONS OR S Mainebiz is producing a free webcast to help businesses better understand the opportunities and benefits of the reopened Paycheck Protection Program. W E W I L L A D D R E S S T O P I C S S U C H A S : Who qualifies: 1st draw and second draw loan qualifications How to calculate What can you spend it on How to prepare for loan forgiveness Overall best practices for applying Tax implications National Bank Paycheck Protection Program What you need to know about the MAINEBIZ.BIZ/PPP2021 JANUARY 27 / 11AM–NOON / ZOOM Marie Hansen Husson University Elmira Martin Purdy Powers & Company Tony McKim First National Bank Diane Sturgeon U.S. Small Business Administration Andrea Suter Pierce Atwood PANELISTS MODERATOR

• Cover